In late July, an unidentified trader took up an unusually large position of 4.16 million bitcoin futures listed on Hong Kong-based OKEx, one of the world-rsquo;s largest cryptocurrency venues.
The position, with a total notional value of US$416 million (HK$3.26 billion), triggered the risk management system at OKEx, setting off a chain of events that ultimately left futures traders with unrealised gains to give up about 18 per cent of their profits, according to calculations by Bloomberg.
The...

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